Grid-Tied Inverters Global Market Report 2024

The grid- tied inverters market size has grown strongly in recent years. It will grow from $5.16 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth observed in the historic period can be attributed to several factors, including government incentives and subsidies, technological advancements in solar energy, a rising adoption of renewable energy sources, initiatives focused on grid modernization, and the declining costs associated with solar photovoltaic systems.

The grid- tied inverters market size is expected to see strong growth in the next few years. It will grow to $7.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period can be attributed to a rising demand for clean energy solutions, the expansion of solar power capacity, regulatory support for the integration of renewable energy, advancements in grid-tied inverter technology, and a growing emphasis on energy efficiency and sustainability. Major trends expected in the forecast period include the adoption of hybrid grid-tied inverters with energy storage capabilities, the emergence of smart grid technologies for enhanced grid management, the integration of the Internet of Things (IoT) for remote monitoring and control, the development of microgrid systems for decentralized energy generation, and a heightened emphasis on grid resilience and reliability in response to the impacts of climate change.

The anticipated increase in the number of solar power system installations is poised to drive the growth of the grid-tied inverter market. A solar power system harnesses solar radiation and converts it into usable electrical or thermal energy, with solar panels connected to a grid-tied inverter (GTI) responsible for transforming direct current (DC) into alternating current (AC). A noteworthy example comes from February 2023, where Solar Energy UK reported that 61,320 properties in the UK had solar panels installed in 2021, marking a substantial 71% increase from the 35,841 properties in the previous year. This surge in solar power installations is a significant catalyst for the growth of the grid-tied inverter market.

Key players in the grid-tied inverter market are actively innovating and introducing solutions such as grid-tied residential energy storage to enhance their market positions. The integration of grid-tied residential energy storage solutions contributes to market growth by driving demand, fostering technological advancements, and ensuring seamless integration with diverse grid environments. In September 2023, Canadian Solar Inc., a Canada-based renewable energy company, unveiled the EP Cube Lite, a cost-effective residential energy storage solution showcased at RE+ in Las Vegas. This scaled-down version of the EP Cube enhances financial benefits for U.S. households embracing integrated solar and battery storage. With scalable capacities ranging from 6.6 kWh to 19.9 kWh, the system supports compatibility with existing PV systems, allowing for customization. Featuring an integrated hybrid inverter and stackable storage modules, the lightweight components facilitate swift installation, promoting accessibility to energy storage and sustainable practices.

In October 2023, Hitachi Energy, a Switzerland-based power technologies company, completed the acquisition of Eks Energy for $1.2 billion. This strategic move is expected to fortify Hitachi Energy's position in the smart grid and smart city market, while expanding its capabilities in the industrial IoT segment. The acquisition enables Hitachi Energy to offer a more comprehensive suite of products and services, including advanced grid support, energy storage, and distributed energy resources management. Eks Energy, a UK-based provider of advanced power electronics and energy management services, played a crucial role in enhancing Hitachi Energy's portfolio and capabilities in emerging segments.

Major companies operating in the grid- tied inverters market report are Mitsubishi Electric Corporation, Huawei Technologies Co Ltd., Hitachi Ltd., Schneider Electric SE, ABB Ltd., Toshiba Corporation, Emerson Electric Co, Delta Electronics, Chint Power Systems Co Ltd., Omron Corporation, Sungrow Power Supply Co Ltd., KACO New Energy GmbH, CyberPower Systems Inc., SolarEdge Technologies Inc., Enphase Energy Inc., Advanced Energy Industries Inc., Ginlong Technologies Co Ltd., TMEIC International Corporation, SMA Solar Technology AG, Power Electronics España SL, Darfon Electronics Corporation, Luminous Power Technology Pvt Ltd., Fronius International GmbH, FIMER SpA, Altenergy Power System Inc., Growatt New Energy Technology Co Ltd., Sputnik Engineering AG, RS Components Ltd.

North America was the largest region in the grid tied inverters market in 2023. The regions covered in the grid- tied inverters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the grid-tied inverters market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The grid-tied inverters market consists of sales of string inverters, microinverters, battery-based inverters, multi-mode (hybrid) inverters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

A grid-tied inverter is a power electronics device designed to convert direct current (DC) into alternating current (AC), facilitating the injection of electricity generated from an external power source, such as a solar plant, into the power grid. Notably, grid-tied inverters operate without the need for batteries and find extensive use in systems utilizing solar panels, wind turbines, and hydroelectric plants.

The primary types of grid-tied inverters are low-frequency inverters and high-frequency inverters. A low-frequency inverter is a device designed to convert direct current (DC) electricity into alternating current (AC) electricity at a relatively low frequency, usually under 5 kHz. These inverters are utilized in various applications such as DC voltage sources, grid connections, and others, with applications spanning residential, commercial, industrial, and other sectors.

The grid- tied inverters market research report is one of a series of new reports that provides grid- tied inverters market statistics, including grid- tied inverters industry global market size, regional shares, competitors with an grid- tied inverters market share, detailed grid- tied inverters market segments, market trends and opportunities, and any further data you may need to thrive in the grid- tied inverters industry. This grid- tied inverters market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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